Locate Your QELs in MyEnroll360
Did you know that when you process a COBRA or Continuation of Coverage qualifying event letter in MyEnroll360 it is available for download on the next business day?
Question of the Week - FSA Carryovers and COBRA
Q.- We know if our Health FSA meets certain requirements and if a terminating employee has been reimbursed from his FSA more than the amount he has to contribute for the rest of
Q.- We know if our Health FSA meets certain requirements and if a terminating employee has been reimbursed from his FSA more than the amount he has to contribute for the rest of the year, we don’t have to offer a COBRA election for the FSA. Is a carryover from a prior plan year included in determining if the employee has an overspent account?
A.- Yes. If the FSA allows for a carryover, the dollar amount carried over is included when calculating if the employee has an overspent or underspent FSA.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 integrates with major insurance carriers for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and others), and with leading payroll platforms for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and others).
This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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